Episode 30 – The Growth Whisperers
The Growth Whisperers is a weekly podcast hosted by Brad Giles and Kevin Lawrence two advisors to mid-market businesses, one Australian, one Canadian, who each work with CEOs and Leadership Teams across the world with a mission to build enduring, great companies. Each weekly episode covers interesting situations and questions from the world of strategic planning, leadership development, talent and hiring in high growth entrepreneurial companies where real results matter.
When entrepreneurs lose their vision and what to do about it
This week Kevin and Brad talk about what happens when entrepreneurs want to sell their business because they are tired and want a change. They talk about what the potential causes are for this and share stories about CEOs who have found their way through these obstacles that seemed insurmountable in their minds.
Also, they provide a 5 step process to understand what to do if you’ve had enough and want to sell your business, and how to re-engineer your business so you can once again be passionate about it.
Brad Giles 00:13
Welcome to The Growth Whisperer where everything that we talked about is helping entrepreneurs to build enduring great businesses. I’m Brad Giles. And I’m joined today by my co-host, Kevin Lawrence. Hey, Kevin, how are you doing today?
Kevin Lawrence 00:28
I’m doing great, Brad, as always looking forward to the show. And we know we always find these interesting topics to discuss that, that we think could be valuable for people. So yeah, great week, a great week with clients last week, had some downtime on the weekend that I needed. It was intense last week. And yeah, life is good. So what are we talking about today? What’s our interesting conversation going to be about?
Brad Giles 00:55
Well, yeah, you said you had downtime last week, kind of remotely connected to that we’re talking about when entrepreneurs lose their vision and what to do about it. So entrepreneurs, very passionate people, and everyone thinks have a fantastic vision at all times. But sometimes they can lose their vision.
Kevin Lawrence 01:27
Yes, absolutely. And, and it can result in them wanting to make some crazy decisions, like, wanting to sell their business or you know, get away from their business or get into a new business or all kinds of things. So, you know, some of those behaviors can end up being great, but, you know, we’re gonna start with a story of a good friend of mine. He’s been a client for probably 15 years, and we’re due to catch up again, haven’t seen him for a while. His name is Nigel, he’s here in Vancouver. And, you know, and he’s the opening story in my book, so I’m not disclosing anything that’s, you know, that I shouldn’t be. Nigel’s an awesome guy entrepreneur in the oil spill cleanup industry. Makes these cool machines that have these brushes that dip into the water and pull heavy crude oil or the water when there are oil spills, you know, really cool equipment, you know, great business, an awesome guy, but I first met him. He had enough. And he described it as he went to his business, put his hand on the doorknob, and it felt like he was getting electrocuted. And he didn’t want to go into his own business. Not only did he hate it, he felt like it was destroying him was like his kryptonite. And so his solution for real is his business plan was to get rid of it, and go and sell-shirts on the beach in Tahiti. And he wasn’t joking. He wasn’t he was contemplating it. So we managed to work through that and, and find ways but really, there was a whole bunch of stuff in his business he hated. He had issues with a president, he had issues with a partner and a whole bunch of other things, where it had become, I’m exaggerating a bit, almost like a toxic cesspool of its own. You know, they were in the cleaning up toxic stuff in the environment. But the environment said his company was toxic. Any, he just didn’t like it. So, you know, he and I spent some time and we started going for walks and hikes because that’s how he focuses best. And we just started working through the things one at a time and finding a way to make it into a great business that he loved. Yeah. And, and it’s been many, many years since but he was at that giving up a point. And it’s common, because when it’s all we know, and we’ve done it for years, and it’s not working, and all it’s doing is giving us grief, it’s easy to say, I don’t want to do this anymore. And you know, yeah, it’s unfortunate, but it’s a real thing that happens for all entrepreneurs, most entrepreneurs at some point in their growth.
Brad Giles 04:13
So we can withstand even the most resilient people can withstand grief to use your word to withstand tough situations for a while, day, a week, a month, a year, multiple years. But everybody eventually just wears out. And they think, you know what, like, What if there was an escape like I had this happen to me about a dozen years ago. I remember. I remember. We had some pretty tough things happening in the business. You know, from people to strategy to execution to cash, we had a whole range of things that were very, very challenging over some time. And I can remember going out to a cafe and looking over at the barista and thinking, that would be the best job in the world. That would just imagine that here’s what you got to do to get the beans, you’re going to grind the beans, they’re going to pack the beans, then you got to push the steam in the water through the beans, and then you pour your head up the milk and pour it in, and then you do it again. Now, I was not in my right mind at that point. But we look fan or escape, we look for the ways to think, Well, you know, is there a way out of this? Like, this is all too hard? And what can I do to take to get out of this situation? So yeah, I’ve been there. And it’s, yeah, it’s a tough spot to see. And I’ve also seen many, many people, there’s one person comes to mind right now. And he just said to me, look, I think I want to, I think I want to sell the business. And I’m like, you’ve been working this business for 20 years, 20 years, it’s taking you 20 years to get the gross profit margin to the point it is to have the right people on the team to have the strategy where, you know, like, we’ve been working so hard. I’ve been working with him for, I’ve known him for 20 years, but I’ve been working with him closely for a few years, like 3,4,5 years. And I’m like, you finally got the business that you always wanted. Now he’s got other pressures in his life. But I’m like, you know, how can you reconnect to your vision? How can you re-engage?
Kevin Lawrence 06:48
I have been in that scenario so many times. So sometimes, there’s a strategy to build a business and sell it. That is the strategy. We’re not talking about that. We’re talking about people who build a business and they plan on keeping a going for a long time. They just tap out and said I just don’t want to do this anymore. So So what is the key thing to do? And I and we could share stories all day most clients we’ve worked with have said that at some point when they’re fed up, but as a side note, I remember mine, I remember being with some friends one day and you know, seeing these guys a construction 20 construction guys in a truck going to work. Yeah. And now they’re all sitting there drinking their coffee, smoking the cigarettes having a great conversation. They love it. They’re having fun. Yeah, you know, and less pressure. And they probably have different pressures. But there are times when you just it’s like you want to hit that pressure release valve. Yeah. Usually, it means you’re in the middle of a bunch of growth. And my experience with all of these leaders and myself, I’ve been to those places as well, is the either you have to grow dramatically. Or you’ve got to shrink things down to a more manageable level of stress. So usually, you have a No. it’s always because every situation can be worked through every business, as long as there’s a reasonable business model that can be made great. Now, it could be very painful. But there’s always everything 99% of the time unless you’re like selling typewriters, or something that there’s no demand for anymore. Um, if there’s still reasonable demand, there’s always a way to make it better. It’s just a lot of tough decisions, you know, and, and work is one of on a story that I heard about a CEO, who, you know, when a business is in rough shape, saying, Look, they can easily remove us and bring new people in to run this business. And they will see all kinds of opportunities and find a way to make it better. Or we can walk out of the room. We can walk back in like we’re the new guys and look at this thing with fresh eyes. And then we can be the ones to make it better. Because when you’re in the middle of it, you don’t have those fresh eyes. So how do you help people to diagnose What’s going on? And from just wanting to tap out and justify it lots of ways versus you know, getting in there and getting the business back to great again, because normally, the ones that people are talking about selling at that point in time aren’t usually great companies, which is you know, we’re about building and during great companies. Yeah. Or they’re in a not so great trough.
Brad Giles 09:34
Yes. So I think how do you diagnose? Well, the first understanding that this reaction to the business, let fallout of love with the business or not having a vision and not knowing what to do and therefore getting to the point where you say, I just want out I want to sell I think that unfishable understanding That that is a symptom of something else that that this is happening for a reason. So then it’s taking a step back and saying, Well, what is it that’s making me feel this way? What is it? So is it a problem with my team? Either my leadership team or the broader team? Is it that I don’t have the right people in the right seats? Is that the strategy? Is the strategy not producing the gross margin that you want? Is it? Are you content consistently part of me continually? Are you continually fighting pricing battles with the competition? And there’s no customer loyalty? Is it an excuse?
Do you do not like the work you do anymore? Is it the way you spend your day? Is it the people that you spend time with?
Brad Giles 10:52
And what you said there is like your job description is, so yeah, whatever it is, like, can you what gives you energy in your role, what drains your energy, so then you poorly is the team executing poorly, and therefore there’s no profit coming through? And then finally,
Kevin Lawrence 11:10
it’s like when you go to the doctor, and something doesn’t feel right, you go to the doctor, and so you don’t feel well? Well, he or she is gonna ask you a bunch of questions. So for example, I’ll give you a story. Another client that we’re with an awesome guy built a really successful company. And I’m talking to him one day, and he wants to sell okay because it’s just not fun. I don’t like it. I don’t enjoy it. And we started digging in. His biggest headache was these people and legal problems with people. Now, there are always people when you let them go, there can be. But this guy had a lot. Yeah. So whenever someone would mess up, and you’d have to get let go, he’d have to get involved. Unfortunately, because he was angry and fed up when he got involved. It turned into a lawsuit almost every time. Like he had a track record of people suing him, that I that is much more than normal for wrongful dismissal that I had heard. And he’s an awesome guy. I love this guy. He’s awesome. Yeah, so we started digging into it. And he told me about his approach. He didn’t like dealing with it. He was very, very frustrated. And it usually turned into lawsuits. And then he had to deal with lawsuits. And I said to him, Well, why are you dealing with letting the people go and dealing with the legal issues? Who’s the owner? I have to? I said, Says who? Yeah. So I said, How about a world where you don’t get involved in those conversations? Probably because you turn them into lawsuits? You probably shouldn’t. And if there is a lawsuit, let your HR person handle it, or get an HR consultant who’s more sophisticated to handle it.
Brad Giles 13:09
And then what is the outcome?
Kevin Lawrence 13:12
Yeah. So you put somebody into the meeting that’s way less aggressive and used to things smoothly you get way fewer losses which is his new reality. And when there are you let that same HR person who’s the super-sharp deal was with those, and they go away a lot easier, and no matter what, you don’t have to deal with it. His job love goes up dramatically. Yeah, because the part that he was getting sucked into which he may have made worse, or not, I don’t know. But no matter what, he doesn’t have to deal with it. And you know, he’s not getting drained. But he didn’t even know he could have some handle that stuff.
Brad Giles 13:52
Yeah. It’s an important point that you made there. Because you know, Mel Brooks, the filmmaker. Yeah. In one of his films, there’s this is this particular scene and it’s a comedy, right? But he says, it’s good to be king. Okay. You may remember that phrase, yes. Good to be king. Right? You get a lot of benefits. But it’s that’s what I say to CEOs that I work with, like it’s good to be king and by that what I mean is, you get to build your job the way that you want. There are obviously some responsibilities you can’t abdicate. But if you don’t like the lady, don’t do it. You know, palm that off, create the job that you want to do that gives you the most energy.
Kevin Lawrence 14:42
Yes. But Brad, that’s logical. When they’re in the middle of it. They forget that or they don’t see how, yeah, the number of ways IO and your number changed the way CEOs or owners spend their time is dramatic. And in many cases a blows their mind. Oh, I could do that. Don’t have because you get stuck in I’s like when things get like that you need someone who’s an external, external to the situation, or maybe when your team to help you diagnose the real issue and get to the root of looking for a solution because it’s a denier?
Brad Giles 15:19
I don’t know, I’m sorry, I’ve got to stop you there. I don’t think that one of your team can do it. Some people, I’ve seen a few executives that are great partners, to thought partners to the CEO. But generally, there’s a potential conflict of interest there. I agree, generally, it’s better to be somebody else. And again, it goes back to we’ve talked before about pattern recognition. Yeah. Like, you know, I was on a call today with a CEO. And we’re talking about an acquisition. And I’m asking a few questions about the owner of the company, they’re acquiring and like, I can almost predict what it looks like inside the business. And because they heard, they said, a couple of things about why the person was selling, which tells me about potential liabilities, because the guy had built a fairly substantial business. And he wants out because he’s really stressed out and had enough, well, if you’ve got a substantial business, and that’s happening, and it’s profitable, it’s very profitable, but tells me there’s and it’s above industry average profitability, there’s a real good chance that they’re running very lean. And he doesn’t have an incredibly strong team. That’s my hypothesis. I know, it’s a fairly good chance. It’s right. not guar guaranteed. But because it’s like, well, why else would you sell the sellers young? But and it’s a great business. But it’s killing them. And you know, and it’s so whatever it is, that might not be it? It probably is. Yeah. And it’s just like, what, but that can be that can be resolved. Having a weak team is a nightmare. Yeah, absolutely.
Brad Giles 17:06
Or maybe it’s a combination. I remember I was working with a client, and we, yeah, they, they struggled to empower other people in their team. Number one, okay. So that meant that all of the responsibility fell onto them, and therefore all the stress fell onto them. And they looked to the rest of the team and thought, Why Why don’t we hire? Why haven’t we got good people? Okay. And, you know, I’m not to judge whether they were or weren’t good people. But the problem was, is that they weren’t empowering the people to give them responsibility. But then number two, is that they, they were highly reluctant to increase their prices. Now, I spent a whole day with them analyzing their pricing versus the competition, which was publicly available, and went into great, great detail bout why they needed to improve, if they increased by 10%, they would still be massively cheaper compared to the competition for essentially the same product. So it was their beliefs. To your point earlier, it was a belief that got them into the situation where they began to think I just want out, I don’t want to do this.
Kevin Lawrence 18:27
they were painted into a corner that actually didn’t exist.
Brad Giles 18:32
It existed in their own mind.
Kevin Lawrence 18:35
it wasn’t real. Yeah. And that’s, and that’s a lot of what happens, I like to think it’s a combination, because also, as you talked about, sometimes the people that the team reporting to the CEO might not be strong enough. But it may not be because of the capability, the CEO may not be empowering them enough or challenging them enough, which happens in some case, you know, some CEOs do too much of their team’s work. So that was an interesting point. You said they’re broad. And that that is a big piece.
Brad Giles 19:06
Yeah. Which is ironic when you think when you take two steps, and you just analyze that you say, so you don’t like the business because you’re not getting other people to take responsibility. And when you actually say it, logically, it’s a little bit confusing,
Kevin Lawrence 19:25
Because you’ve got you’ve got good people, but you’re not giving a much to do. And you’re not pushing enough down. You know, it’s interesting, and, and that’s why we are in love with tools and things. So another CEO was on the phone last week. Again, smart guy, you know, one of these guys who had a business, it didn’t go so well. He’s rebuilt a second business. It’s going great. Yeah. And we were talking about some of the people issues he’s having and then we know people issues are everywhere. And it was somebody said the other day I was talking to you know what, what I realized is I’m not building a business. I’m building a bunch of people. Yes. systems to support it, you know? So as we’re talking, he’s talking about some people problems he has. And I’m like, well, what’s your performance? evaluate Jeff, anything to give feedback on performance? Well, we stopped doing it. I go, Why? Because it took too long. I’m like, okay, but why? Well, you know, so and so who’s my right hand? he? He’s got like, 14, direct reports. Okay. That’s a problem. Yeah. So when what about this, this person, you’re telling me that’s going rogue, who’s their manager? Ah, well, they don’t really have a manager. Okay. So you don’t have a system for giving feedback. And there are some people who actually don’t have a manager. And you know, it was interesting, because it’s, you know, in a business that should be running at 80%, productivity or utilization, there was a guy that was running notably less, it’s like, well, as his manager talks to him, Well, I just really haven’t managed. So there are these other things. And, as I went through, and I, you know, jumped on the call with the CEO and his team to explain some stuff. And they’re either all great ideas because they didn’t know that they were just, they were just trying to do their best. I am very, very grateful for the experiences I’ve had, you know, well over 25 years now doing this, and I know you are too broad, like what I’ve been able to learn in seeing inside the operations of all these good companies going to great. There’s been a lot of learning. And the pattern recognition we have is immense because you can look at a situation, ask a few questions, just like a specialist doctor, you got a pretty good sense of what the problem potentially could be.
Brad Giles 21:58
when you and I were preparing for this call, we started playing with the subjects. And then we got onto this side, this idea that, that that leader’s burnout that they’ve had enough and they want to sell, and instantly that pattern recognition kicked in, and I’m thinking of like a dozen or 20 different examples where I’ve been through that, and you’re probably the same. And so it is the past
Kevin Lawrence 22:26
easily 20 that I know.
Brad Giles 22:29
Yeah. So the pattern recognition is so important.
Kevin Lawrence 22:33
And but not only on diagnosing the issue, Brad but is on also looking at options or solutions and the likelihood that they will work. Yes. So for example, I have somebody else I know, that hated their business, and had a very weak team. And this is I’m not a client. But we were chatting about it. And they tried to grind it out with a mediocre, they’re trying to build a great business with a bunch of B players.
Brad Giles 23:07
Kevin Lawrence 23:08
And it’s like, well, it ain’t gonna work, you’re probably still gonna hate your business. Because if you’re a racehorse, you don’t want to be running around with a bunch of ponies. You want to be with other racehorses. So it’s like, you know, acknowledging the brutal facts, you can see the core issue, you still then need to do something about it, trying to try to do better work with a mediocre team. That’s, it’s not gonna work, no matter what you do.
Brad Giles 23:36
Yeah, it’s not. And they would be perhaps justifying in their mind, we can’t pay that amount to get that calibre of person. We don’t need to it’s an absolute waste. We need all we need is someone to fill this role in a leadership team. And that’s what I’m gonna pay. And that justification, I’m not saying we should pay the sky, the sky’s the limit. But that just can do irreparable harm to not only the existence
Kevin Lawrence 24:07
even true. If you’re paying, you know, a person in a role if it’s a leader in your business, and you’re getting a six-figure income. There’s a lot of great people that will do that job for that six-figure income.
Brad Giles 24:21
Kevin Lawrence 24:22
yeah, no, and the people piece I mean, we can go on and on
Brad Giles 24:28
So let’s take one step back. The first step is you’ve got to diagnose the pain, like the core pain, what is like the doctor
Kevin Lawrence 24:38
Brad Giles 24:38
Yeah, what is causing you to feel this something people strategy execution cash? And oftentimes, if it’s not the people, I would say it’s the business model. The business model may need to change which is a multi-year project to fully execute that perhaps, although you can figure it out. started pretty quickly, to fully roll it through, it could take a while, but that’s okay. If you’ve got a light at the end of the tunnel, it’s a good thing. And then once you understand the core issue, you’re saying, Well, what is it the future that you envision? What is if you go three years out or whatever, then before
Kevin Lawrence 25:20
you do that, though, Brad, you probably want to get some help. Because you’re gonna need some belief, like, that’s where a mentor like a been there done that person who’s walked a similar path, because, you know, seeing the problem and going to believe, you generally have lost the belief along the way. The engineer needs someone as I know, even engineers, sometimes it’s, you know, people rent our belief, and our ability to get out of stuff seriously. Yeah, that won’t work with someone unless I believe in them. Yes, that extra belief is a piece of it. So I think you’d normally need an outside help intervention support, whatever it is, um, you know, there’s a quote, and I think it might be falsely attributed to Einstein. But it’s that and it may not, I think it’s somebody might be somebody else, but it’s, you know, the problem will not are cannot be solved by the same mind that created it. The problem cannot be solved by the same mind that created it. And often we’re in the middle of our problems. Yeah. And we’re the cause or a part of the cause. So we often need something else. And ideally, someone with a boatload of experience so they can help pattern recognize their way through it.
Brad Giles 26:39
Yeah. To your earlier point. Yeah, I am. I don’t work with people unless I’ve got a strong belief in them. That’s why it takes a long time for me to engage with people. But, you know, it’s, it’s almost like, you know, I’m carrying the person through the times when they lose their belief in the future for the business yeah, and marching together. Yeah, you’ve got it, you’ve got to, um, which is if you have a coach or advisor, who’s only focusing on the tool, and not focusing on that belief on the future, like, you’ve got to be conscious and wary of that, you’ve got to have someone who believes in the business. So once we got that, then identifying that future. So if we evolve the business model, if we evolve our leadership team, if we improve the areas that have been identified, that are causing you to feel this way, so go a year, or two or three out and kind of envision the ideal future, I don’t want to kind of get too much into that. But just say, what is the perfect role for you look like that will give you massive amounts of energy, because it’s producing the right gross margin, or you’re working with the right people, or whatever that is, so that you can get a really clear idea of where you’re trying to get to.
Kevin Lawrence 28:05
So you have something to focus on beside today’s pain, there’s a reason to push through, there’s a place where you get to where it’s good, it’s a, it’s the basics of goal setting, but it’s something you can get excited about that’s beyond this, that will help you to push through, it’s the reason why you’re doing it or not so much. Why is purpose but it’s where you’re going to get to because you do this? ,
Brad Giles 28:29
yeah. And it gives it makes you able to tolerate today’s pain if that makes sense. It makes you able to handle it. Because you know, all we’ve got to do now is execute that plan, and life will be better.
Kevin Lawrence 28:50
And it’s you know, it’s kind of we’ll go into that next point is reminding yourself as you’re on a growth path, and it is supposed to hurt like it, let’s say that, you know, I was able to fly down to Australia again, which I really hope to again, we’ve been there a couple of times and love it there. You know when I when we can meet on your home turf, or here when we can meet on our home turf. And if you were to take me out in the outback, and we were to go on an adventure on a bumpy road, and the fact that it’s a bumpy road and all of this stuff. I’m going to it’s a part of the experience. It’s supposed to be a bumpy road, so I’m going to be accepting of it. Yeah, I said what took you here in the mountains and we’re on a bumpy road I’m going to be except because that’s supposed to be but in our work sometimes and what we’re doing, we expect it to be smooth sailing, it ain’t never smooth sailing. You know, it’s supposed to be bumpy. And the reminder is and if you have a growth mindset, you’ll know that this is these are all catalysts for your growth. You always come out better You always come out stronger if you choose to take those things on and learn from them.
Brad Giles 30:06
Yeah, that’s growth is tension. And so there will be bumpy roads, there will be things that happen. There’ll be things along the way. And it, you know, here’s the thing, Marshall Goldsmith wrote a book, what got you here won’t get you there. And it’s, it’s a great resource number one, but number two, it’s the thing about growing a company is you never know, what is the next ceiling that you’re going to hit until you’ve hit it. And, and you know, what’s beyond that and you don’t know how to get through it, it’s, it’s a fascinating journey to look at. So if you get to this point, as a leader, as an entrepreneur, it’s only probably because you’ve never done it before. And you didn’t know that you needed to evolve the gross margin through the business model, or you needed to, let’s say, improve the quality of your leadership team or any of the things that we’re saying. So because you’ve never been there before, therefore, you know, you’re not going to know what needs to be done. Now, certainly, we’ve spoken already about the benefit of coaches and advisors and mentors, and that’s great. But you’re here for that reason. And that’s okay.
Kevin Lawrence 31:30
Yeah, and you know, for example, is you don’t know what a really good CFO isn’t until you don’t have one. Like, you don’t know that having proper reporting on your cash flow is important. Until you have to go raise three or $4 million, one weekend. Because you find out there’s no money to pay the bills next week. Like, you know, you don’t know about Internet Security until you get hacked. You know you don’t know about employment agreements until one blows up in your face. Like, there’s all these things. And that’s all part of the learning. That’s why even on this, you know, the I have this rule of thumb is that you know, if, if you know, to be a successful CEO, you generally need to burn, burn the equivalent of two years of EBITDA. Yeah, so if your business, if you’re taking over 100 million dollar business, it makes 15 million a year, even though for simple numbers or profit, you probably got to burn 30 million bucks to get good.
Brad Giles 32:34
Kevin Lawrence 32:35
Right. So if you took over a billion-dollar business, you know, that could be you know, 20 to $30 million, or 200, or $300 million. If you step in without a lot enough experience in that space, you make a lot of a nickel, it’s expensive. It’s expensive. So whether those numbers are perfect or not, the key is, is you’re gonna make a lot of mistakes, it’s gonna hurt both you and the business, but that’s just part of it.
Brad Giles 33:01
Last week, I was sitting, I’m gonna say within the last two weeks, I was sitting with a CEO. And, and we went through this conversation, and I only just remember the story then. And I was saying to the CEO, look, what is it that’s making? Do you want to sell the business? What is it like you saying, You’re setting it up to sell and, and I get it, like, first of all, I’m thinking, what are you going to do afterwards?
Kevin Lawrence 33:31
yeah, you’re gonna get bored, as soon as you’re out
Brad Giles 33:35
yeah, you’re gonna build another business. And then you’re gonna, it’s going to take you 20 years to get back to this point. But that’s beside the point. So we just ground and ground through all of these things over a few hours. And then I said, Look, here’s what I want to do on your right, the things at the moment that gives you energy and the things that drain your energy every day, okay. And so at that point, I needed to step out to go to the bathroom. And I came back. And there was nothing when I left, and there was this long list on each side, and I was like, Whoa, you’ve been busy. And as I looked at it, as soon as I saw it, I said, there’s a role missing here, you’re doing someone else’s job. And it was that of a health and safety, environmental and quality assurance person is it you this business has grown that, that you’re doing it and because you’re doing a poor job of it because you also got to run the company, you’re not able to actually do it great, and hold all the other people accountable to it. And so really quickly, we identify that, that this is the like it had such magnitude to figure that out. And by the end of the meeting, this CEO was like, I can’t believe that we’ve just, we’ve just identified that this is the cause of All my pain that I just had this role that we’ve never employed for before. So I’m not saying it’s always as simple as that, and this person may still sell their business. But the point is it’s an emotional reaction that’s driving a lot of people, and there’s something that’s driving that.
Kevin Lawrence 35:20
Yeah, and spending the time to dig into it to truly understand it, it’s like if you go to the doctor, and they can’t figure out what’s right, they run some tests and send you to a specialist, where they do a deeper level, but the answers always there, and it’s almost always fixable if you’re willing. And that’s the root of all of this stuff. And normally, and that’s why our kind of our final point on our action list here is to get a coach, get a mentor, get a better board member, sometimes even get a therapist, sometimes it’s all of the above. And that’s the fortunate thing about being you know, the leader of a business or an entrepreneur, is that you can afford these things, even many executives can afford these things because they get an above-average income. So they can afford above-average support or resources. And I’ll kind of leave you with, you know, a final thought from one of my clients, you know, you know, one of his mantras is billionaire habits. So he’s got a business that’s doing about half a billion in revenue a year we have a B hag to get to 10 billion. Right. That’s cool. So, so and we have a mantra, which is billionaire habits. And, you know, he was struggling with something that the day we’re trying to figure it out, we’re trying to figure something out, something wasn’t working. I said, Great. So what’s the billionaire habit here? Boom, shifts, his mind shifts his mind out of his current reality. We get a solution. We started talking about it and it was a very interesting one kind of had to help him with a bit because he was stuck on it. Yeah, I was thinking like a millionaire. I’m not like a billionaire. Yeah, so we stopped billionaire thinking on and for him, it’s meaningful. And we had a perfect solution very quickly. But he needed to get out of his regular mindset, he did not grow up a billionaire, you know, he did not grow up in that kind of mindset. So we had to open up his mind a little bit. And that’s, you know, it was a great mantra of, you know, thinking bigger and doing it right. That’s so I think we’ve covered it off. So we really kind of summarize this bread, diagnose the core pain is that people strategy execution cash or you find someone to help you fix that core pain, who truly understands that a specialist, ideally, it could be consultant could be all kinds of different things, what can help you figure it out. And then, you know, have that start to build the vision of what it looks like beyond this, and what you’re trying to create again, so you can get excited, remembering you’re on a growth curve, and as opposed to hurt, just make sure that you learn and keep growing. And then and then you know, even for yourself, you know, coach, therapist, a mentor who can help you through who can lock arms with you through this. And if you choose, still choose to sell. It’s great. By the way, we know some great people that can help you sell your business if you truly want to enact your strategy. That is not the common strategy for people we work with. But if you want to I know some great people that can do it.
Now, so that’s so thanks for listening today. This has been the growth whispers with Brad Giles and Kevin Lawrence. happy to share our thoughts. If you have any questions or suggestions for shows, please let us know. Brad, you can get them at evolutionpartners.com.au and myself, Kevin at Lawrenceandco.com. Have an awesome week. And remember, there’s always a way to fix almost every situation if you get the right help, and the right mindset, so you don’t have to be like Nigel and go sell t-shirts on the beach, although it’s always an option. Have a great one.